Torrens University MGT501: Business Environment Reflection Report

This report is a student's reflection on their experience in the MGT501 Business Environment course at Torrens University. The student details their initial motivations for pursuing postgraduate studies, driven by an early fascination with business leaders and a desire to start their own company. They discuss their previous work experience in an export company, highlighting the practical insights gained regarding communication, customer segmentation, and business strategies. The report outlines their expectations for the course, including gaining knowledge of business operations, economic principles, and developing skills such as critical thinking. The student evaluates their progress, monitors their learning, and expresses their future career goals of working in a good company to gain experience before starting their own business. The student also reflects on how the course has changed their perception of business and the importance of communication and various business environment factors.

Running head: BUSINESS ENVIRONMENT
BUSINESS ENVIRONMENT
Name of the Student
Name of the University
Author Note

1BUSINESS ENVIRONMENT
Part A
Business has been defined in various ways by different scholars and authors.
According to Selviaridis, Spring & Araujo, (2013), business is said to be an institution where
services and goods are produced which has a huge demand in the market. Shengelia, (2013),
opines business is the engagement of organizations in industrial, professional and commercial
activities. Business according to me is a company or an organization that provides their
customers with services or goods in order to attain profits.
Since my childhood I was always fascinated by the CEO’s of the big corporate giants
and was interested in their story as to how they had created the big empire. Since then I
always dreamt of starting my own start up and create a big empire like the people I admire
like Steve Jobs, Daniel Ek, Jeff Bezos and many more. In order to do this I needed to have
some knowledge about business and thus I enrolled in this course in Torrens University in
order to develop and have a broad understanding of several business organizations. The
course provided by Torrens University is considered to be a high and premium quality which
would help me and be extremely beneficial as I wanted to understand and gain specific
knowledge on areas like customers, markets, operations, communication and also the
strategies and policies of a business.

2BUSINESS ENVIRONMENT
I previously worked in a small organization that was an export company before
enrolling for this course and have worked under the manager of the company where I learnt
to some extent how the business worked and how it generated profits. The company use to
export fly ash to major cement companies which as an important material that is needed in
the construction of buildings. However, I had worked in the company for about six months
but did get some insight about how a business works and certain aspects like how
communication is one of the key factors where the business was mostly running on the
communication as the company exported fly ash to different cement companies in different
cities. I understood the way they segmented their customers and understood the strategies and
the policies they used for running the business which was bringing the organization decent
profits. This practical experience had given me a clear picture about the operations of a
business and how it works and what are the necessary measures that need to be taken in order
to make sure that the company is generating profits.
According to many scholars practical experience helps in enhancing the skills and helps
people to understand better (Jackson, 2015). I agree to this fact as the practical experience I had
gained after working for the company for six months has given me a sense of understanding about
how a business runs and the key factors that is essential and necessary in an organization that has
helped me immensely. I feel that this experience that I have acquired from the organization has helped
me understand certain concepts and strategies like communication and the understanding of customers
which I am going to study in the course and which will help me in grasping the study materials easily
and will help me get a detailed knowledge about the things that I have learned briefly in the
organization. This experience has helped me gear up for the course as I know a few basics that will be
taught in the course in a detailed manner which will help me learn more and broaden my horizon. The
work experience that I had in the company has been positive which has all the more motivated me to
join the course in order to learn more.

3BUSINESS ENVIRONMENT
Before joining this course I had done a lot of research about the course as to what I
will learn and what does extra does the course offer which will help me in understanding the
concept of business and will also help me in gaining and enhancing my skills that will help
me in the near future. The course offers several visits and conducts seminars where famous
company heads are going to give an insight about their experience and challenges that they
have faced which is going to be beneficial for me. According to my peers who have
completed this course they have said that this course is exceptional and helps students in
understanding and gaining knowledge of specific factors like communication, customers and
many more which is useful in the practical life and has helped them when they joined work in
different firms. The course will provide economic principles like pricing decisions, practices
and policies, profit management, capital management that will help me in the course in the
long run in real life. I will monitor my progress with the grades I acquire in the semester and
will manage my studies by attending classes regularly and understand the concepts and
principles. I will also monitor my progress by assessing how much I understand the principles
and the concepts which are taught in the course.
I feel that this course will help me in the near future as this course will teach me
various concepts, principles and strategies that is essential and required in every business. In
the near future I see myself building my own company and I feel to do that the understanding
of the business environment is extremely important which I will be acquiring after the
completion of the course which will help me set up my own business or a company. The
application of the concepts and the principles that I will be learning from the course will help
me to decide what must be implemented in my business which will ensure profits and success
of my organization.

4BUSINESS ENVIRONMENT
This course will be extremely beneficial and will help me set some goals for the
future that will be beneficial for me and will help me to develop the goals that I have set for
myself. I always wanted to have my own company and thus this course will help me in
fulfilling my desire and the dream I had for all these years however before doing that my goal
is to get a job in a good company that will help me gain experience and understand business
in a more enhanced manner which will help me to achieve my ultimate goal. I hope this
course provides me with knowledge and provide some practical skills that will help me in
creating a bright future for myself.

5BUSINESS ENVIRONMENT
Reference
Jackson, D. (2015). Employability skill development in work-integrated learning: Barriers
and best practice. Studies in Higher Education, 40(2), 350-367.
Selviaridis, K., Spring, M., & Araujo, L. (2013). Provider involvement in business service
definition: A typology. Industrial Marketing Management, 42(8), 1398-1410.
Shengelia, T. (2013). Global Business. Tbilisi, Publishing House „Universal.

6BUSINESS ENVIRONMENT
Part B
Transcript
Good morning my respected teachers and my fellow mates.
Today I am going to talk about how this course has helped me gaining knowledge and how it
has changed my outlook and perception about the business. Initially before I started this
course I had a keen interest on the subject business however I had a very vague about
business in general. According to me, business meant companies and organizations that
provide services and goods to their customers in order to generate revenues and profits. This
was the basic concept of the business however this was the basic concept I had about the
businesses and after studying the course I came to know about the non-profit organizations
and understood how they do their business and all businesses does not mean that they operate
just to generate profits. I have come to know about the different forms of organizations which
were not known to me before. After the course I have learned in details about the business
environments. Previously I thought business environment to be the environment of the
organization but then this course helped me to understand the fact that business environment
consists of both the internal as well as external factors which is dynamic. In this course I
came to know about the economic principles which I was not aware of much and only knew
about the basics. This course has helped me get a clear understanding about business in
general and has also corrected the misconceptions I had in my mind about the operations of a
business.
This course has helped me understand the business environment and the various concepts and
policies related to the subject on which various major and big companies have established
their businesses. The concepts and the models that I have learnt in the course is important and
is relevant now and will still be relevant in the future. For example I have learnt the

7BUSINESS ENVIRONMENT
importance of communication in a business and how it has helps in building positive
relationships among the employees that create a good working environment which facilitates
performance and also helps in communicating the desired goals, the problems and also the
methods and measures that need to be taken for the success of an organization. This is
relevant today and this will still be relevant in the future as there is nothing that can replace
communication in the near future.
I have certain professional goals which I would like to achieve in life. One is being a business
analyst; the other is working for a company and gathering enough experience which will help
me in opening my own company which has always been my dream. There are many things
that I have learnt in this course which will help me to fetch a job in a reputed organization or
a company that will help me grow and develop myself which will later help me in building
my own company however there are few things that I would like to learn more which would
help me develop professionally is know more about the parts of the business environment like
media, finance and many more. This would help me in understanding the importance of these
parts in a better manner so that later I develop my knowledge and use these parts for the
success of the company in which I will be working and also help in contributing to the
success of the company I want to build in the near future.
This course has given a clear insight about the study of business which has helped me in not
only gaining knowledge but also developing my skills which has been beneficial for me for
not only for getting good grades but the learning experiences will further help me later in life
as well. This course has helped me immensely in understanding the study of business clearly
and as I think about the future I realize that this study will not only help me in gaining
knowledge but also help me later in life professionally. The course is shaped in a way that we
just do not gain knowledge but also enhance several skills like critical thinking which will be
helpful in the long run. When I join a job after the course I would like to apply the learning

8BUSINESS ENVIRONMENT
experiences like the analysis of business that we have learned and other factors which will
help an organization in their smooth operations which will eventually result in the success of
the organization.
This course has helped me and will help in developing me professionally however apart from
formal studies there are certain things I would like to do that will further help me develop
professional skills. The first thing I would do is network with other people which would help
me in enhancing my communication skills which will help me develop professionally. I
would also like to do an internship that will help me in gaining experience and also help me
develop professionally. The course has helped me in change my conception about business
and helped me in gaining accurate understanding about the business and helped me gain
knowledge.
Thank you all for all your patience and have a great day.